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The SNS Insider report reveals that the Construction Equipment Market size stood at USD 205.65 billion in 2023. It is anticipated to reach USD 394 billion by 2031, reflecting a robust CAGR of 8.46% over the forecast period (2024-2031). This growth is primarily driven by increasing focus on infrastructure development, integrated with the relentless march of automation in the construction and manufacturing sectors.
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Some of Major Key Players:
- Hitachi Ltd.
- AB Volvo
- Catterpillar Inc.
- CNH Industrial N.V
- Deere And Company
- Hyundai Doosan Infracoe Co.Ltd
- J C Bamford Excavators. Ltd.
- Komatsu Ltd
- Liebherr-International Ag
- Xcmg Group
Market Analysis:
The construction equipment market presents a complex landscape, influenced by various forces. The increasing focus on infrastructure development, integrated with the growing adoption of automation in construction and manufacturing, are the primary drivers help to grow the market forward. The rise of smart cities and the growing need for sustainable construction practices present lucrative opportunities for innovative construction equipment manufacturers. Factors such as increasing urbanization, increasing disposable incomes, and a growing focus on safety standards in the construction industry are Projected to contribute significant market growth. Collaborative efforts between public and private entities are Driving infrastructure projects, necessitating a Increase in construction equipment usage. Construction across residential, commercial, and industrial sectors is witnessing a boom, propelling the demand for equipment. Increased government spending on infrastructure development is creating fertile ground for construction equipment manufacturers. A noticeable trend is the transition from traditional to automated equipment, as construction companies seek to elevate productivity.
Recent Developments Shape the Future
CASE Construction Equipment (a brand of CNH Industrial N.V.) launched a lineup of small articulated loaders and mini track loaders in October 2023, empowering small contractors to handle more projects with reduced manual labor.
Caterpillar Inc. unveiled the updated Cat D10 Dozer in May 2023, specifically designed for challenging construction environments. This dozer boasts load-sensing hydraulics and a stator clutch torque converter for efficient power transmission.
Hitachi Construction Machinery Co., Ltd. launched ZAXIS-7 compact excavators in May 2023, aiming to enhance task efficiency on urban worksites. These excavators, including the ZX75US-7 model with an ultra-short-tail swing radius, facilitate access to confined spaces.
Segment Analysis
By Application, the lifting & material handling segment is anticipated to register the highest CAGR during the forecast period. Cranes and forklifts are crucial for lifting and transporting objects within construction sites. The earthmoving segment dominated the market due to the extensive use of loaders and dump trucks for earthmoving activities.
- Excavation and mining
- Lifting and material handling
- Earth moving
- Transportation
- Others
By Industry, The construction & infrastructure segment held the dominant position in 2023 and is expected to maintain its lead. Construction equipment plays a vital role in building various infrastructure projects like roads, buildings, and rails. Rising global construction activities are expected to fuel growth in this segment.
- Oil and gas
- Construction and infrastructure
- Manufacturing
- Mining
- Others
By Solution Type
Product
Services
By Equipment Type
- Heavy construction equipment
- Compact construction equipment
By Type
- Loader
- Cranes
- Forklift
- Excavator
- Dozers
- Others
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The manufacturing segment is poised for the second-highest growth rate. Forklifts and hoisting equipment are essential for material handling operations within manufacturing facilities.
Impact of Global Disruptions
The construction equipment market is not immune to global disruptions. The war has disrupted supply chains, leading to a shortage of raw materials and components essential for construction equipment manufacturing. A potential economic slowdown could lead to a decline in construction activities, thereby impacting the demand for construction equipment. The government infrastructure spending initiatives could mitigate this effect.
Regional Analysis
Asia Pacific reigns Dominates in the construction equipment market, driven by the China holds the highest share within Asia, Driven by massive government stimulus spending. While 2023 might see a decline, a rebound is expected in 2024 due to rising demand for compact equipment and burgeoning residential housing projects. Natural disasters Such as earthquakes and tsunamis have necessitated significant investments from the Japanese government in rebuilding infrastructure. This has spurred demand for construction equipment in the region. Rapid urbanization in India, driven by population migration towards cities seeking better opportunities, has fueled construction activity. This, coupled with government infrastructure investment plans, is propelling the Indian construction equipment market. The presence of numerous emerging economies in Asia, with a focus on development and industrialization, fuels the demand for construction equipment. The growing popularity of renting construction equipment over purchasing, due to cost-effectiveness and flexibility, is a significant factor in Asia.
Key Takeaways for the Construction Equipment Market Study
The report provides a comprehensive analysis of the construction equipment market’s projected growth over the forecast period, considering various factors like infrastructure development, automation adoption, and regional dynamics.
The report examines the impact of global challenges such as the Russia-Ukraine War and potential economic slowdowns on the construction equipment market, equipping readers with a well-rounded perspective.
The report delves into key regional developments, highlighting Asia’s dominance and exploring the reasons behind its leadership in the construction equipment market.
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